US Stablecoin Bill Delayed by Congressional Committee Until After August

The head of an influential House panel said negotiations on the measure won't take place until after the summer recess.

AccessTimeIconJul 27, 2022 at 10:17 p.m. UTC
Updated May 11, 2023 at 5:11 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

The legislation that could establish U.S. regulations for stablecoins has formally been delayed until after the August congressional break, according to Rep. Maxine Waters (D-Calif.), the chairwoman of the House Financial Services Committee.

“Although the Ranking Member [Rep. Patrick McHenry], Secretary [Janet] Yellen and I have made considerable progress towards an agreement on the legislation, we are unfortunately not there yet, and will therefore continue our negotiations over the August recess,” Waters said in a statement. “I look forward to coming to an agreement in the near future and marking up bipartisan legislation when we return.”

The bipartisan effort, in which the panel’s ranking Republican, Rep. McHenry (R-N.C.) has also had a leading role, was already delayed this week after Treasury Secretary Yellen insisted the legislation include further protections for crypto investors, people familiar with the negotiations have said.

The Treasury Department won’t endorse the bill unless it also ensures that the industry exchanges keep customer money separate from the companies’ assets, which would protect them if the firms fail, the people said.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

Jesse Hamilton

Jesse Hamilton is CoinDesk's deputy managing editor for global policy and regulation. He doesn't hold any crypto.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.